EX-99 3 f20064qfinancials.htm 2006 FOURTH QUARTER FINANCIALS Converted by EDGARwiz



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General Cable Corporation and Subsidiaries

Consolidated Statements of Operations

(in millions, except per share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Fiscal Months Ended December 31

 

Twelve Fiscal Months Ended December 31

2006

 

2005

2006

 

2005

Net sales

 $925.3 

 

 $617.5 

 

 $3,665.1 

 

 $2,380.8 

Cost of sales

 803.4 

 

 545.4 

 

 3,194.1 

 

 2,110.1 

Gross profit

121.9 

 

72.1 

 

471.0 

 

270.7 

 

 

 

 

 

 

 

 

 

 

Selling, general and

    administrative expenses

64.4 

 

43.1 

 

235.1 

 

172.2 

Operating income

57.5 

 

29.0 

 

235.9 

 

98.5 

Other expense

 (0.8)

 

 (0.5)

 

 (0.1)

 

 (0.5)

Interest income (expense):

                    Interest expense

(9.3)

 

(8.6)

 

(40.0)

 

(39.9)

                    Interest income

2.5 

 

0.5 

 

4.4 

 

2.9 

 

 

 

(6.8)

 

(8.1)

 

(35.6)

 

(37.0)

 

 

 

 

 

 

 

 

 

 

Income before income taxes

49.9 

 

20.4 

 

200.2 

 

61.0 

Income tax provision

 (14.5)

 

 (6.2)

 

 (64.9)

 

 (21.8)

Net income

 35.4 

 

 14.2 

 

 135.3 

 

 39.2 

Less: preferred stock dividends

 (0.1)

 

 (17.5)

 

 (0.3)

 

 (22.0)

Net income (loss) applicable to common shareholders

 $35.3 

 

 $(3.3)

 

 $135.0 

 

 $17.2 

Earnings per share

Earnings (loss) per common share - basic

 $0.70 

 

 $(0.08)

 

 $2.70 

 

 $0.42 

Weighted average common shares - basic

50.7 

 

41.9 

 

50.0 

 

41.1 

Earnings (loss) per common share-

    assuming dilution

 $0.67 

 

 $(0.08)

 

 $2.60 

 

 $0.41 

Weighted average common shares-

    assuming dilution

52.7 

 

42.9 

 

52.0 

 

41.9 



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GENERAL CABLE CORPORATION AND SUBSIDIARIES

Consolidated Balance Sheets

(in millions, except share data)

ASSETS

December 31, 2006

 

December 31, 2005

Current Assets:

(unaudited)

 

 

 

Cash

 $310.5 

 

 $72.2 

 

Receivables, net of allowances of $10.0 million at December 31, 2006

 

 

and $8.6 million at December 31, 2005

 718.9 

 

 542.9 

 

Inventories

 563.2 

 

 363.9 

 

Deferred income taxes

 103.8 

 

 41.9 

 

Prepaid expenses and other

 32.9 

 

 48.6 

 

 

Total current assets

 1,729.3 

 

 1,069.5 

Property, plant and equipment, net

 416.7 

 

 366.4 

Deferred income taxes

 45.7 

 

 52.5 

Other non-current assets

 38.9 

 

 34.8 

 

 

Total assets

 $2,230.6 

 

 $1,523.2 

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities:

 

Accounts payable

 $655.8 

 

 $472.3 

 

Accrued liabilities

 279.0 

 

 212.2 

 

Current portion of long-term debt

 55.5 

 

 6.4 

 

 

Total current liabilities

 990.3 

 

 690.9 

Long-term debt

 685.1 

 

 445.2 

Deferred income taxes

 30.4 

 

 13.4 

Other liabilities

 90.8 

 

 80.4 

 

 

Total liabilities

 1,796.6 

 

 1,229.9 

Shareholders' Equity:

 

Redeemable convertible preferred stock,

 

 

December 31, 2006 - 101,949 outstanding shares

 

 

December 31, 2005 - 129,916 outstanding shares

 

 

(liquidation preference of $50.00 per share)

 5.1 

 

 6.5 

 

Common stock, $0.01 par value,

 

  issued and outstanding shares:

 

 

December 31, 2006 - 52,002,052 (net of 4,999,035 treasury shares)

 

 

December 31, 2005 - 49,520,209 (net of 4,968,755 treasury shares)

 0.6 

 

 0.5 

 

Additional paid-in capital

 245.5 

 

 246.3 

 

Treasury stock

 (53.0)

 

 (52.2)

 

Retained earnings

 238.8 

 

 103.8 

 

Accumulated other comprehensive loss

 (3.0)

 

 (6.8)

 

Other shareholders' equity

 -   

 

 (4.8)

 

 

Total shareholders' equity

 434.0 

 

 293.3 

 

 

Total liabilities and shareholders' equity

 $2,230.6 

 

 $1,523.2